By a News Reporter-Staff News Editor at Investment Weekly News -- Tucows Inc. (NYSE MKT:TCX, TSX:TC), a global provider of domain names and other Internet services, announced that it will transfer its U.S. stock exchange listing to the NASDAQ Capital Market from its current listing on the NYSE MKT. Tucows shares will continue to trade under the symbol "TCX". The first day of trading on the NASDAQ is expected to be December 30, 2013 . In Canada , Tucows will continue to be listed on the Toronto Stock Exchange and trade under the symbol "TC". The Company also announced that its board of directors has approved a reverse stock split of the Company's common shares that will combine every four Tucows common shares into one Tucows common share. The Company's common stock is expected to begin trading on a split-adjusted basis at the market open on December 31, 2013 . "The reverse stock split is consistent with Tucows' growth as a publicly traded company," said Elliot Noss , President and Chief Executive Officer, Tucows Inc. "We believe it will expand our universe of potential investors and equity analysts as we continue to grow our business, and will also provide us with greater capital markets flexibility. In addition, we believe our shareholders should benefit through less volatility in our share price, lower transaction costs and greater liquidity. Ultimately, we believe the reverse stock split supports our overriding objective to generate long-term value to our shareholders as we continue to deliver consistency and reliability from our core revenue streams, while capitalizing on meaningful growth opportunities such as Ting." Mr. Noss added, "We are pleased to join NASDAQ's roster of growth-oriented technology companies. NASDAQ provides investors with fast, high quality trade executions within the context of a cost-effective cost structure and high visibility for issuers." As a result of the reverse stock split, Tucows will have approximately 10.9 million common shares outstanding (reduced from approximately 43.6 million common shares outstanding), subject to rounding up of all fractional shares to the nearest whole share. No fractional shares will be issued as a result of the reverse stock split and the Company will round up to one whole share in the event a stockholder would be entitled to receive a fractional share. The number of options outstanding following the reverse stock split will be approximately 1.6 million (reduced from approximately 6.2 million). As of the effective time of the reverse stock split, Tucows' common stock's new CUSIP number will be 898697 20 6. The reverse stock split will not change the par value of the common shares. Tucows shareholders authorized the Company's board of directors to implement the reverse stock split at a Special Meeting of shareholders held on December 4, 2013 . The board of directors approved a 1-for-4 ratio for the reverse stock split after evaluating such items as the current and anticipated trading price and volume of the Company's stock, the minimum threshold prices at which brokerages and institutional investors can invest in stocks, prevailing market conditions, and the liquidity of the Company's stock. Additional information regarding the reverse stock split can be found in the Company's definitive proxy statements filed with the SEC on October 21, 2013 and the revised definitive proxy soliciting materials filed with the SEC on October 23, 2013 . Shareholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares. Following the effective date of the reverse stock split, holders of share certificates should receive instructions from the Company's transfer agent regarding the process for exchanging their shares. Holders of share certificates who do not receive such instructions within 10 days of the effective date of the reverse stock split should contact Tucows' transfer agent, The Registrar and Transfer Company , by telephone at 1-800-368-5948 or by email at email@example.com . Keywords for this news article include: Finance, Tucows Inc. Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC
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